National Republican., 1887-01-08

II is rumored that about the lst of February
general meeting OF representatives OF all the
diferent roads operating IN Pittsburg will be
called 10 take action on the establishment OF
rates TO the east and west on all the different
classes OF freight There is said to be proba-
bility of an advance on the western SCALE
The receivers OF the Central railIoad of New
Jersey-yoseph 8. Harris. of Philadelphia, and
John $. Kennedy--took formal possession of
the property on Saturday. aud the purpose OF
their conference was connected with the
change in management. No action was taken
10 regard to unpaid interest," and the plan, of
reorganization was not specially considered.
Members of the syndicate to reorganize the
Reading railroad property reported that the
deposit of securities under the plan was very
rapid. One deposit of junior securities
amounted TO nearly 81 900 900. and the accept.
anoe by the holders OF general mortgage bonds
Is reported to be already near majority Of the
total issIe.
The directors ofihe Northern Pacific Rail-
road Company voted against the proposed lease
Of the Oregon Railway and Navigation Com
Company on basis Of per cent year on the
stock. Two of the directors who have been
earnest advocates of the case were unavoid-
ably absent. 1t is understood that the vote on
the question was TO 4. The directors unani-
monsly voted TO continue negotiations with
the Union Pacific for harmonious traffic rela-
tions in Oregon and Washington territory.
There was a full representation of all the
companies interested In the production of btu
minous coal for the eastern seaboard at the
meeting held In Philadelphia Thursday. The
committee on percentages reported that 1t had
agreed, and that the Norfolk and Western
would be granted ~ per cent. and the Chesa-
Clearheld and Cumberland regions had sub
mitted to the shaves on their original percent
ages necessary to accomplish this The repre-
sentatives submit the percentages to their
superiors for approval, and another meeting
will be held In a week to ratify them.
The committee OF general freight agents to
whom was referred the task of formulating an
agreement TO cover the issue of passes by the
western roads reported the result of their
does not differ materially from that In elect
last year. but there is II good deal of trouble
over the fact that several of the lines have
already sent out the heavy shippers aud manu-
facturers at competing points large number
Of passes, presumably for the purpose of In.
iinencing NE business. Commissioners
poinied q board to take charge Of the enforce
ment OF the agreement, and the freight agents
were Instructed To- prepare list OF passes
already granted TO be submitted for inspection
at meeting next Wednesday.
Senator Mcpherson yesterday submitted an
proposing the addition OF the following words
to sectlC II 8, which prohibits pooling: PRO
vided. however, that after full investigation
the commission or a majority thereof are OF
and carriers will be best promoted by an equit.
able division of tho trafic, or of the proceeds
thereof, between the carriers, the provisions OF
this section may not be enforced prior to Jan
|, 1888, and II shall be the duty of the commis-
siou 10 report their action with the reasons
therefor 10 Congress In December next" The
amendment also increases the number OF COM
mssioners OF interstate commerce to be ap.
pointed from five TO nine, and the number of
such commissioners who may be of one polti-
cal party from three to six.
Masters Pollock and Dallas to whom was re.
ferred the questions Of the priority of lien of
the several mortgages of the Reading Railroad
Company which hrose In the Robinson suit
foreclosures underline general mortgage, filed
their report In the United States circuit court,
submitting over 800 pages of printed testi-
mony and tlfty.one pages of findings The
masters hold that the $1,000. 900 of per cent.
general mortgage bonds were issued In the
months OF August, October, and December,
1915, and not at any later period, and that they
are entitled to participate In the security aud
lien of the general mortgage, having been is
sued at a time when they could riehtfully be
issued under the sinking fund provision of
that mortgage. The income mortgage trustee,
they find further. cannot invoke the sinking
fund provision of the general mortgage.